Introduction  Running your company  Increasing shareholder value

In 2001, we experienced the impact of the foot-and-mouth crisis in the UK and witnessed the terrible events in New York and Washington DC. They remind us that we have a privileged role in supporting our shareholders, our customers and the wider community. Our stakeholders rely on us through the difficult times as well as good ones. They expect of us integrity, professionalism and expertise. We must be worthy of their trust – without them, Barclays would not exist. That is why we strive to reach the highest ethical and moral standards in everything we do. Stakeholders are examining the behaviour of large corporations more and more closely these days. We welcome that. Our intention is to lead in governance practices. Transparency is essential if we are to retain the confidence of our stakeholders. That is why we have changed the format of our annual report. You will still find the key facts about our current operations and business performance. But rather than simply reporting on the Group's financial results, we want to share with you a frank view of the characteristics of our business, the changes it is undergoing, and where we are taking it in the long term. I would welcome views on this new approach to the 2001 annual report.